LIC Jeevan Akshay VII (Plan No. 857) is a single-premium, immediate annuity pension plan designed to provide guaranteed lifelong income. By investing a one-time lump-sum amount, policyholders start receiving pension immediately—monthly, quarterly, half-yearly, or yearly—without any market risk. This plan is especially suitable for retirees, senior citizens, and individuals who want stable post-retirement income with complete peace of mind.
Retirement often brings uncertainty—regular salary stops, interest rates fluctuate, and market-linked investments carry risk. Jeevan Akshay VII solves this challenge by converting your lump-sum savings into a fixed, guaranteed income for life. Once the annuity starts, the income never stops, irrespective of how long you live or how markets perform.
✔ Lifetime Financial Security: Pension continues for life, eliminating longevity risk.
✔ Stable Retirement Income: Ensures predictable cash flow after retirement.
✔ Spouse Protection: Joint life options ensure income continuity for spouse.
✔ No Investment Stress: No need to manage funds or track markets.
✔ Simple & Transparent: Easy to understand with clearly defined benefits.
Jeevan Akshay VII offers 10 different annuity options, allowing policyholders to customize income and family protection.
1️⃣ Annuity for Life: Pension payable as long as the annuitant is alive.
2️⃣ Annuity for Life with Return of Purchase Price: Pension for life; on death, nominee receives original purchase price.
3️⃣ Joint Life Annuity: Pension payable to primary annuitant, then to spouse after death.
4️⃣ Joint Life with Return of Purchase Price: Pension to both lives; purchase price returned on death of last survivor.
5️⃣ Guaranteed Period Annuity: Pension guaranteed for 5, 10, 15, or 20 years even if death occurs earlier.
Each option serves a different goal—higher income, family protection, legacy creation, or inflation management.
The policyholder pays a one-time amount called the Purchase Price. Based on age, annuity option, and payout frequency, LIC calculates the annuity amount.
Annuity payments start immediately after policy commencement and continue for life or as per the selected option.
Example 1: Immediate Pension for Retiree
Monthly Pension:
₹5,800 – ₹6,200 (approx)
Annual Pension: ₹70,000 – ₹75,000 (approx)
Pension continues for life regardless of how long the annuitant survives.
Example 2: Joint Life with Return of Purchase Price
Annual Pension:
₹85,000 – ₹95,000 (approx)
Pension paid till both lives; ₹15,00,000 returned to nominee after last death.
Annuity rates are indicative and depend on age, option selected, and LIC’s prevailing annuity rates.
Pension received from Jeevan Akshay VII is treated as taxable income and taxed as per the individual’s tax slab.
Despite taxation, retirees prefer this plan because of guaranteed income and capital safety.
✔ Retirees seeking immediate pension
✔ Senior citizens wanting stable income
✔ Individuals with PF, gratuity, or retirement corpus
✔ Risk-averse investors avoiding market products
LIC Jeevan Akshay VII – 857 is one of India’s most reliable and time-tested pension plans. It transforms a lump-sum investment into guaranteed lifelong income, offering stability, simplicity, and peace of mind.
For retirees and senior citizens who prioritize safety, certainty, and regular income over risky returns, Jeevan Akshay VII stands out as a powerful and dependable retirement solution backed by LIC’s unmatched trust.